The company will not receive any proceeds from the offer for sale, she said.

“Out of the fresh issue, which will be over Rs 150 crore, Rs 63 crore will be utilised for funding our working capital requirements, while the rest will be our capex which we will be deploying for fiscals 2018 and 2019,” Patel added.

The company plans to spend Rs 143 crore as working capital for the current fiscal.

Karvy Investor Services and Motilal Oswal Investment Advisors are the Book Running Lead Managers to the issue.

PSP Projects is a multidisciplinary construction company offering a diversified range of construction and allied services across industrial, institutional, government, government residential and residential projects in India.

Currently the standalone order book of the company stands at Rs 279 crore with 27 projects across states like Gujarat, Karnataka and Rajasthan.

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